Friday, March 22, 2013

JULY 27, 1694 – BANK OF ENGLAND FOUNDED

1694 – BANK OF ENGLAND FOUNDED
A private central bank, England
began to borrow all of its money from corporate banks rather than simply
creating it debt-free, as it had for hundreds of years. “The result…is a
kind of national financial servitude by an economy almost entirely indentured
to private financial interests, a system prefigured in the Roman Republic and,
in modern times, first established in Britain with the founding of the Bank of
England in 1694...The idea was to subscribe a private bank with capital, and
then obtain a monopoly for that bank from the government for the issuance of
government debt, allowing for usurious rates; such debt was ultimately issued
as bills of credit on that bank and circulated as money.” (Adrian Kuzminski,
Fixing the System)